Brief Exercise 7-32 (Algorithmic) Depreciation Methods On January 1, 2017, Loeffler Company acquired a machine at a cost of $504,000. Loeffler estimates that it will use the machine for four years or 12,000 machine hours. It estimates that after four years the machine can be sold for $24,000. Loeffler uses the machine for 2,500 and 3,000 machine hours in 2017 and 2018, respectively. Required: Compute depreciation expense for 2017 and 2018 using the: 1. Straight-line method of depreciation. Depreciation Expense 2017 $ 2018 2. Double-declining balance method of depreciation Depreciation Expense 2017 2018 3. Units-of-production method of depreciation. Depreciation Expense 2017 2018